Sterling at one point plunged to $1.1959 but rebounded as traders bet Prime Minister Boris Johnson's loss would take a no-deal divorce off the table.
Argentina had secured $50 billion in financing as part of a deal worked out with the International Monetary Fund in June. Now the the Fund has agreed to raise the lending package by $7.1 billion.
Property investors have been flocking to Turkey in a bid to grab houses and apartments following lira's steady decline against the dollar and euro.
While palpable, relief over a US-Mexico trade deal was dimmed by concerns that the China-US trade war will drag on for some time.
As the diplomatic row between the US and Turkey escalates, the Turkish community in the US watch closely the fluctuations in Turkish currency lira which has lost about 40 percent of its value against the dollar since the start of this year.
The lira lost approximately 40 percent of its value against the dollar this year, but has bounced back strongly since the beginning of the week, with gains of around nine percent.
Turkey's Treasury and Finance Ministry said the new economic steps would be aimed at securing economic growth of three to four percent in 2019 and at tackling inflation. The lira traded down ahead of the announcement.
Concerns about rising consumer prices and a bigger US budget deficit spark a selloff in fixed income markets as oil prices settle flat after week of losses and gold rises
The country has not seen a recession since 1991 and growth regularly outpaced its peers in recent years. However, that changed in the March quarter when annual growth braked to 1.7 percent.
The US dollar, introduced to replace the inflation-hit Zimbabwean dollar, has evaporated, and long queues at banks have become routine. Zimbabwe's current cash shortages are symptomatic of a wider, deep-seated economic malaise.
The US Dollar plummeted against the Yen and Euro while the Mexican Peso also fell to a record low with gold gaining more than five percent.
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2019 TRT World.